The Islanders will also get the 70th pick in the 2013 NHL Entry Draft from the Wild in the deal.
Clutterbuck made $1.7 million last season in the final year of a three-year contract that had a cap hit of $1.4 million.
Clutterbuck was selected in the third round of the NHL Entry draft, 72nd overall and has spent his entire NHL career with the Wild.
The 25-year-old forward scored a career high 19 goals in 2010/11 but is known more for his bruising style and punishing hits.
He has topped the 100 penalty minute mark once, during the 2011/12 season when he finished with 103, and also once held the NHL mark for most hits in a season.
Over 346 games in parts of six seasons, Clutterbuck has 62 goals, 48 assists and 337 penalty minutes.
The Welland, Ontario native played for both the Toronto St. Michael's Majors and Oshawa Generals in the Ontario Hockey League.
Niederreiter has one year left on an entry level deal that will pay him $810 thousand in the 2013/14 season, he will become a restricted free-agent when his deal expires.
In 74 games with the Bridgeport Sound Tigers of the American Hockey League, Niederreiter scored 28 goals and added 22 assists.
His last season in the NHL was 2011/12 where he played in 55 games and picked up one goal and 12 minutes in penalties.
The 20-year-old forward was selected 5th overall in the first round of the 2010 NHL Entry Draft by the Islanders.